A perfect storm may be brewing in Asia.

Rice prices surged to their highest in almost 12 years, after India's rice export ban and adverse weather conditions dented production and supplies of Asia's primary staple food, according to the UN's food agency.

"The price of global rice prices is particularly worrying," Qingfeng Zhang, a senior director from the Asian Development Bank, told CNBC. "What seems to be clear is that food price volatility will continue in coming months.